Roxi Petroleum, which was admitted to AIM in May this year and was created to acquire controlling interests in and develop oil and gas assets in Central Asia particularly focusing on Kazakhstan, announces its maiden interim results.
Highlights
• Introduction to AIM in May with a market capitalisation at issue of approximately £64 million at the placing price of 38p per share
• Raised £39 million from institutional investors to pursue the strategy of building a diversified portfolio of oil and gas exploration and production assets in Central Asia
• Strengthened operational team and infrastructure
Post balance sheet events
• Completed the purchase of Ravninnoe and Beibars contract areas - total of approximately 295 sq km.
• Legal challenges on North Karamandybas have not yet been fully resolved
• Commenced project to reprocess and reinterpret all previous 2D seismic and well log data on Ravninnoe
• Bids received for 3D seismic programme on Ravninnoe
• Second work-over rig to be mobilised on Ravninnoe Q4
• Invitations to tender issued for 3D seismic on Beibars block
Proposed acquisition of three further licensed areas for $190 million
• Acquisitions cover approximately 1,200 sq km in Western Kazakhstan
• Valuation in excess of Roxi market capitalisation: deemed as a reverse takeover under AIM Rules. Shares suspended pending full evaluation and due diligence process
• Roxi’s management will have operational and financial control of potentially large high quality exploration and production acreage
• Acquisitions to be approved by EGM in due course
Rob Schoonbrood, CEO of Roxi, Commented:
“Roxi has had an extremely busy 2007. From creation of the company, through a very successful IPO; development of our licenses and a major acquisition, we have worked constantly to expand our asset base, creating value for shareholders.
The proposed acquisition marks an excting new phase in Roxi’s development. We stated at IPO that we would both develop our portfolio and look to use our experience and contacts within the region to add to it through acquisition.
Through the hard work of all the team, this strategy is beginning to bear fruit. I am confident that we will continue to build on our foundations and deliver long term value for our shareholders.”
